Interim CIO also in place for 1 day/week, 10 months
Results
Successful sale of company with credible finances
Maximized cash proceeds at sale to owner due to projections and planning
Savings in insurance reductions and IT costs
Successful banking relationship throughout assignment, with $1 million LOC increase
Company Profile & Position
Family-owned
Interim CFO
Situation
Bank would not renew LOC, was requiring owner assets
Finances were not credible for banking or exit purposes
No budget going into busy season
No reporting or processes in place
Limited bandwidth for owners and executive team
Implementation
Created interactive cash flow budgeting model
Determined annual and monthly break-even sales volume to interact with model for real-time decision-making
Created job costing, which enabled better staffing decisions
Provided references for risk manager and insurance broker who favorably resolved insurance losses
Hired full-time Controller for everyday management
Cerius Insights
“Both CFO and CIO had great backgrounds, great professional experience and were very easy to work with. No hand holding, very professional and really had a goal and got it done.”
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